Details of the transaction revealed that 109,234.33 BTC (618 million USD) was moved around 06:38:50 on Nov 15. At the time of writing, it is still unclear who owns the Binance Wallet or the address that received the Bitcoin.

What catches the eye is that such a large volume of BTC belongs to a single wallet during a time when the crypto markets are in a deep plunge. The value of BTC has dropped by nearly $800 in the last 24 hours while the general markets have also shed $15 billion within this period.

Speculations Around Massive BTC Movement

As would always be the case, the crypto community on Twitter has tried to provide the reason why such a volume of BTC is being moved from the world’s largest crypto exchange Binance.

A user known as Zafer Erel seem to have given the best perfect opinion around the coin’s movement, stating that it could be Binance who only moved the large volume of BTC held on its platform to the cold storage. Another user suggested that it was simply someone buying Bitcoin at a discount from Binance in other to make profits from the investment when a market rebound takes place.

Meanwhile, within the time of compiling this report, another 10,000 BTC (59 million USD) was moved from another exchange, Bitfinex to an unknown wallet.

Whether the movement of these large volumes of Bitcoin will instigate a market rebound or at least help it achieve stability in the next couple of hours or days will be worth keeping an eye on.

Update: The wallet transfer happened to be from and to Binance Cold wallets as Zhao Changpeng just confirmed in a tweet.

Mandy Williams is a freelance writer and a crypto fanatic. She has over three years of writing experience in different niches, ranging from dating to tech, and has a number of published articles in different publications. Mandy is on a mission to help spread the good news about the blockchain and cryptocurrency industry. She holds a degree in education and currently pursuing a career in marketing. Mandy’s favorite people in life are her team members!
Contact: Amandawilliams [at] zycrypto.com .